24th Mar 2015 07:30
LONDON (Alliance News) - Land Securities Group PLC on Tuesday said it has exchange contracts for the sale of its 95% stake in Times Square in the City of London for GBP268.4 million.
The FTSE 100-listed property company is selling the 380,000 square foot office building to real estate funds managed by US private equity group The Blackstone Group LP.
"We've recently carried out some lease regearing activity at Times Square, and its sale reflects our strategy of recycling capital into our significant development programme," said Colette O'Shea, Managing Director of the London Portfolio at Land Securities.
By Sam Unsted; [email protected]; @SamUAtAlliance
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